ArcelorMittal Still Shows Interest In ThyssenKrupp's Alabama Plant
The world's largest steel mogul, ArcelorMittal (ISPA. AS), has shown interest in the steel rolling mill in Alabama that ThyssenKrupp (TKAG. DE) is seeking to sell.
ThyssenKrupp AG has decided to sell off its plans its unprofitable American steel operations, and it is considering expanding in Brazil and exiting the U. S entirely.
People who are familiar with the matter say that ArcelorMittal, has teamed up with Japan's Nippon Steel & Sumitomo Metal Corp. (5401. TO) to offer around $2 billion for ThyssenKrupp's Calvert, Alabama steel plant. Citigroup has put the plant's fair value at $1.2 billion.
ArcelorMittal and Nippon are contender is Brazil's Companhia Siderurgica Nacional(CSNA3. BR), or CSN, for the Alabama plant.
Aditya Mittal , ArcelorMittal's CFO declined to comment on the status of its bid, he however mentioned "we remain interested in Alabama because of our position in North America" in the automotive sector. He also refused to comment on a media report that U. S. Steel Corp. (X) was part of the ArcelorMittal-Nippon Steel consortium bidding for the Alabama plant. According to sources salespeople of ArcelorMittal have told customers they expect to soon control the plant.
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